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Regional Profiles

The African continent’s stock markets and public companies collectively represent approximately $1 trillion in market capitalization. Among Africa’s 53 countries, there are about 23 active stock markets on which about 1,500 companies are listed, in total. These countries can be divided into four regions, as shown below.

Western Africa Nigeria Cameroon Ghana Cape Verde BRVM* – Senegal – Guinea Bissau – Mali – Niger – Ivory Coast – Burkina Faso – Togo – Benin South Africa South Africa	*BRVM refers to the Bourse Regionale des Valeurs Mobilieres SA, a regional stock exchange serving member countries in Western Africa	Northern Africa Morocco Algeria Tunisia Libya Egypt Sudan Eastern and Southern Africa Uganda Kenya Tanzania Zambia Malawi Mauritius Angola Namibia Zimbabwe Botswana Swaziland

Africa Total Stock Market Capitalization: $1,054.6 Billion USD

Click a link to learn more about a region.

South Africa
Northern Africa
Western Africa
Eastern and Southern Africa

South Africa – With a population of about 50 million, South Africa has the continent’s largest economy. Its 2009 estimated GDP of $277 billion (U.S.) represents about 23% of Africa’s total economic output. Along with Egypt, South Africa has by far the continent’s largest public stock market by market cap, estimated at $801 billion. The country’s market and leading stocks are components of the EAFE Emerging Markets Indexes, and its currency, the rand, is among the most actively traded emerging markets currencies in the world. The country has long been a major source for diamonds and it is the world’s largest producer of gold, platinum, manganese, chromium, vanadium and titanium.

Northern Africa – The six nations of Northern Africa: Egypt, Morocco, Tunisia, Sudan, Libya and Algeria, are encompassed by the expanse of the Sahara Desert and consist of predominantly Islamic cultures.  Egypt is by far the most populous of these nations, with 83 million people, and it also has the largest GDP ($188 billion in 2009). Egypt and Morocco each have fairly active public stock markets, with the second and third largest market capitalizations on the continent, respectively – behind only South Africa.

Western Africa – The nations of West Africa are producing some of the continent’s highest rates of growth as former colonized areas move toward democratic independence and higher standards of living. Nigeria has the most people of any country in Africa, with a 2009 population estimated at 149 million. It also has the continent’s second highest GDP of $165 billion, behind only South Africa.  Western Africa has become one of the world’s fastest growing oil and gas producing regions in the world, and it also is a source for valuable strategic minerals.

Eastern and Southern Africa – This remains Africa’s poorest and least economically developed region. Kenya and Angola are its largest countries by GDP and Kenya is the largest country by stock market capitalization.  The recent oil and gas discoveries in Uganda, as well as the development of oil fields in Southern Sudan, will spur significant foreign capital investment in the region.  Botswana, Zimbabwe, Angola and Democratic Republic of Congo, continue to be favored destinations for metal and mining investments.

© 2010 Nile Capital Management, LLC

Investors should carefully consider the investment objectives, risks, charges and expenses of the Nile Pan Africa Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 1-877-68-AFRICA. The prospectus should be read carefully before investing. The Nile Pan Africa Fund is distributed by Northern Lights Distributors, LLC.

Mutual Funds involve risk, including possible loss of principal.  Because the Fund will invest the majority of its assets in African companies, it is highly dependent on the state of the African economy and the financial prospects of specific African companies.  Certain African markets are in only the earliest stages of development and may experience political and economic instability, capital market restrictions, unstable governments, weaker economies and less developed legal systems with fewer security holder rights.  Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund’s investments.  ETF’s are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities, real estate investments, and commodities, to name a few.  Non-diversification risk, as the Funds are more vulnerable to events affecting a single issuer.  Investments in underlying funds that own small and mid-capitalization companies may be more vulnerable than larger, more established organizations. The Fund’s exposure to companies primarily engaged in the natural resource markets may subject the Fund to greater volatility than investments in a wider variety of industries.  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In general, the price of a fixed income security falls when interest rates rise. The Fund may invest, directly or indirectly, in "junk bonds.”  Such securities are speculative investments that carry greater risks than higher quality debt securities.

0605-NLD-4/28/2010